Colombia's Ecopetrol plans $233 million in cost cuts as lower oil prices bite
The logo of Ecopetrol is displayed in an Ecopetrol oil field in Barrancabermeja, Colombia October 11, 2024. REUTERS/Nelson Bocanegra Purchase Licensing Rights , opens new tab
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BOGOTA, May 7 (Reuters) - Colombia's state oil firm Ecopetrol (ECO.CN)
, opens new tab is planning to cut some 1 trillion pesos ($233 million) in costs and expenses and signaled more flexibility in its investment plan for this year, Chief Executive Ricardo Roa said on Wednesday.
The company faces falling oil prices that ate into its first-quarter profits.
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($1 = 4,283.62 Colombian pesos)
Reporting by Nelson Bocanegra; Editing by Gabriel Araujo
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